Candela, a Swedish startup, is making waves in the maritime industry with its groundbreaking electric hydrofoil technology. In 2024, the company secured a Series C funding round of $40 million, including a recent $14 million investment led by SEB Private Equity. This financial boost is set to enhance production facilities in Stockholm and support global expansion projects in the U.S., Saudi Arabia’s NEOM, Berlin, and New Zealand. Candela aims to revolutionize the $15 billion electric ferry market with its innovative C-Foil technology, which promises to decarbonize waterborne transport and transform waterways into sustainable travel corridors.
With a mission to overhaul waterborne transportation through zero-emission solutions, Candela has positioned itself at the forefront of maritime electrification. The company’s key technology, an electric hydrofoil system, enables vessels to glide above the water’s surface, thereby significantly reducing energy consumption and operational costs. This innovative technology underpins a product line that includes the P-12 electric ferry and advanced leisure hydrofoil boats. Each of these offerings is designed to provide high-speed, eco-friendly alternatives to traditional fossil-fuel-powered vessels, thereby addressing the pressing need for sustainable maritime travel.
Pioneering Maritime Electrification
As a pioneer in the field of maritime electrification, Candela’s electric hydrofoil technology is a game-changer. It allows vessels to achieve high speeds while maintaining an extensive electric range, making a notable impact on the maritime sector where reducing greenhouse gas emissions is a critical goal. The technology supports operators in transitioning to electric vessels, which offer shorter travel times, more frequent departures, greater comfort, and significantly reduced operational costs compared to conventional ships. By embracing these innovations, Candela is setting new standards in the industry and making a profound contribution to environmental sustainability.
Candela’s commitment to zero-emission solutions is epitomized by its electric hydrofoil system, which uniquely enables vessels to cut energy consumption and operational costs. Their P-12 electric ferry exemplifies the efficiency of this technology, offering operators an eco-friendly and cost-effective alternative to traditional ships. This focus on high-speed, extensive electric range transportation is particularly significant in a sector striving to minimize its environmental impact. Hence, by facilitating the transition to electric vessels, Candela positions itself as a leader in maritime electrification, providing a blueprint for greener waterborne transport.
Decarbonizing Waterborne Transport
Decarbonizing transport is a central theme in Candela’s mission, as the company aims to mitigate the environmental impact of waterborne travel. With waterborne transport accounting for 3% of global greenhouse gas emissions, Candela’s electric hydrofoil technology presents a viable solution for reducing these emissions. The company’s recent funding round is poised to scale up the production of the P-12 electric ferry at its Stockholm facility, thereby promoting cost-effective global shipping and aiding the transition to zero-emission fleets. This initiative is crucial in fostering a sustainable future and transforming the way we navigate waterways.
Candela’s innovative C-Foil technology plays a pivotal role in achieving these goals. This computer-guided hydrofoil system enables underwater wings to lift the hull above the water, slashing energy consumption by 80% compared to other high-speed vessels. This significant reduction in energy consumption aligns with Candela’s commitment to decreasing reliance on fossil fuels and paving the way for a cleaner, more sustainable future in waterborne transport. This technological advancement encapsulates Candela’s efforts to revolutionize the maritime sector by offering a high-speed, energy-efficient alternative to conventional transportation methods.
Transforming Urban Mobility
Candela’s achievements in enhancing urban mobility underscore its pioneering status in zero-emission transport. A notable highlight is the introduction of the world’s first electric hydrofoil ferry, the Candela P-12, into Stockholm’s public transport system. This innovative ferry has managed to halve commute times while demonstrating the potential to eliminate reliance on fossil fuels in urban transportation. Given that commuter vessels often constitute a primary source of emissions in cities, the P-12’s integration is a significant achievement in the quest for greener and more efficient urban transport solutions.
Operating at a service speed of 25 knots, the P-12 outpaces Stockholm’s diesel fleet due to a speed exemption granted thanks to its low wave impact. This exemption allows the ferry to navigate through the city center efficiently and connect suburbs with the capital, thereby improving urban mobility. Candela’s success in this regard showcases the transformative impact of their technology on decarbonizing transport and enhancing the usability of waterways for urban transit. The P-12 represents a compelling case study on the potential of electric hydrofoil technology to address city transport challenges and promote sustainability.
Global Expansion and Market Penetration
Candela’s strategic expansion efforts demonstrate its commitment to global market penetration and advancing zero-emission transport. The company has secured a contract to bring high-speed electric hydrofoil transport to Lake Tahoe in the U.S. and has also closed a fleet deal for the NEOM project in Saudi Arabia. Additionally, partnerships in Berlin and New Zealand, among other locations, highlight Candela’s aggressive push into the global market. With the electric waterborne transport market projected to reach $15.32 billion USD by 2032, Candela is well-positioned to capitalize on this growth and lead the industry towards a sustainable future.
The recent production milestone of Candela’s 100th electric leisure hydrofoil vessel marks a significant step in the electrification of maritime transport. This accomplishment underscores the company’s dedication to innovation and market penetration, setting new standards for sustainable waterborne transportation. By consistently delivering advanced electric vessels and securing strategic partnerships worldwide, Candela is not only expanding its market presence but also championing the transition to zero-emission maritime solutions, thus reinforcing its status as an industry leader.
Investor Confidence and Economic Opportunities
Investor engagement, particularly from SEB Private Equity, EQT Ventures, and KanDela AB, underscores widespread confidence in Candela’s innovative technology and market potential. Anders Jöngard, Investment Director at SEB Private Equity, highlighted Candela’s leadership in emission-free transportation, noting the significant economic opportunities as the world transitions to a fossil-free economy. This robust investor support reflects broader industry trends and the growing recognition of the financial viability and environmental necessity of sustainable transport solutions.
Lars Jörnow, Partner at EQT Ventures, echoed this sentiment, emphasizing Candela’s pioneering role in clean, efficient waterborne travel. Candela’s technology mirrors the rapid advancements seen in land transportation, suggesting that the maritime sector is poised for similar transformative changes. The collaborative confidence of these investors signifies a collective belief in both the economic and environmental benefits of Candela’s zero-emission technologies, paving the way for continued growth and innovation in the maritime industry.
Vision for a Sustainable Future
Candela, a startup from Sweden, is making waves in the maritime industry with its revolutionary electric hydrofoil technology. In 2024, they secured a substantial Series C funding round amounting to $40 million, which includes $14 million from SEB Private Equity. This financial infusion will bolster production facilities in Stockholm and support their ambitious global expansion plans in the U.S., Saudi Arabia’s NEOM, Berlin, and New Zealand. Candela aims to transform the $15 billion electric ferry market with its cutting-edge C-Foil technology, aiming to decarbonize waterborne transport and make waterways sustainable travel routes.
Focused on zero-emission solutions to overhaul waterborne transportation, Candela is leading maritime electrification. Their flagship technology, an electric hydrofoil system, allows vessels to glide above the surface, reducing energy consumption and operational costs. This technology powers their product lineup, including the P-12 electric ferry and advanced leisure hydrofoil boats. These offerings present high-speed, eco-friendly alternatives to conventional fossil-fuel-powered vessels, addressing the critical need for sustainable travel on water.
